Bertelsmann confirms plan to cut RTL stake

City A.M. Reporter
GERMAN media conglomerate Bertelsmann announced plans yesterday to sell a stake in broadcaster RTL Group worth as much as €1.5bn (£1.28bn).

Bertelsmann will cut its stake in the broadcaster to as little as 75 per cent from 92.3 per cent in a secondary placement, the firm said.

Bank of America Merill Lynch, Deutsche Bank, Morgan Stanley, Goldman Sachs, Citigroup and Credit Suisse are believed to be running the sale.